Cost of Living in Richmond, TX
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
116.0
100 = national avg
+16.0 vs national average
Living Wage (1 Adult)
$51,054
per year
Living Wage (Family of 4)
$120,672
per year
Cost Index by Category
Housing134.8
Food102.4
Transportation111.7
Healthcare101.9
Utilities108.4
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,323
per month
2 Bedroom
$1,573
per month
The overall cost of living index in Richmond is 116.0, which is 16.0% above the national average. Housing costs are above the national average at an index of 134.8. A single adult needs to earn approximately $51,054 per year to cover basic expenses.